Emergency Loans For a 500 Credit Score

Quick And Easy Personal
Loans Up To $2500

A personal loan, payday loan, and secured installment loan are all options that can make it possible to get a loan even with a 500 credit score. In most cases, you will need a steady source of income and to prove your ability to repay your loan on time. While creditworthiness is a large factor in loan considerations, there are lenders that work with borrowers who have subprime scores, such as a 500 credit score. Keep in mind that having a poor credit score will mean paying more when borrowing funds. 

Continue reading to learn more about getting a loan with a 500 credit score.

What Does a 500 Credit Score Mean? 

A 500 FICO score is classified as “poor” (300–579). It often results from late payments, collections, or a limited credit history. Poor credit typically means higher interest rates and borrowing costs, including origination fees and percentage-based fees. 

Here are the ranges for a FICO score: 

  • 300–579: Poor
  • 580–669: Fair
  • 670–739: Good
  • 740–799: Very Good
  • 800–850: Exceptional

How Does a Poor Credit Score Impact My Loan Options?

A poor credit score may result in the following:

  • Higher APRs — Borrowing costs increase significantly.
  • Lower Loan Amounts — Lenders will likely limit funding.
  • Strict Repayment Terms — Less flexibility with repayment.
  • Fewer Lender Options — Harder to qualify, though not impossible.

Even with these costs and challenges, it’s not impossible to get a loan. There are lenders and loan options out there, including CreditNinja’s personal loans.

Emergency Loan Options for Bad Credit

Here are some common types of loans you can look into with a 500 credit score:

Bad Credit Personal Loans

Bad credit personal loan options are accessible for borrowers with lower scores. However, not all applicants qualify because they may not have sufficient income. CreditNinja offers installment loans as an alternative to bad credit loans, which are predictable and easy to fit into a budget. 

Payday Loans

A payday loan offers quick cash, but generally comes with high interest and short repayment terms (usually two weeks), often leading to debt cycles. Typically, all payday lenders require is a steady source of income. 

Unfortunately, there are lots of predatory payday lenders that offer “guaranteed or instant approval.” While CreditNinja doesn’t offer payday loans, we do offer personal loans, which may offer more favorable repayment options.  

Pawnshop Loans

Pawnshop loans are secured loans, but the actual loan terms depend on the item used as collateral. Borrowers generally pawn jewelry, electronics, instruments, etc. If you can’t repay, the item is forfeited. CreditNinja’s installment loans may offer longer repayment schedules and we don’t require collateral.

Auto Title Loans

When you take out an auto title loan, the lender adds a lien to the car’s title, which means that they will own the vehicle until the loan agreement is completed. Missed payments can result in vehicle loss. CreditNinja does not offer these due to the high risk. Instead, we offer flexible personal installment loans. 

Secured Loans

Secured loans are the opposite of what CreditNinja offers, which are unsecured loans. These loans are secured with collateral, which makes them a risky option. Unsecured loans, like those from CreditNinja, avoid this risk and are available to low-credit borrowers.

Note: Military borrowers should be aware of the protections offered under the Military Lending Act, which limits APRs and restricts certain loan types.

Payday Alternative Loans (PALs)

Payday alternative loans, or PALS, are a kind of loan that is offered by federal credit unions, which are considered a safer alternative to payday loans. These can be a good choice for those with poor credit because they offer flexible eligibility requirements. However, you’ll have to be a member of the respective credit union to be eligible. 

Credit-Builder Loans (CBLs)

Credit builder loans are loans that help borrowers build credit. Instead of getting the funds in a lump sum payment when you take out the loan, you’ll make payments to your lender, which go into an interest-bearing savings account. At the end of repayment, you’ll get the funds. 

The payments you make will be reported (usually to all three credit bureaus), and that should help your credit score. These can be a better option than something like a credit card, as revolving credit can lead to more spending. 

If you have a 500 credit score, a credit builder loan may be easy to qualify for, and with timely monthly payments, you can also improve your credit score. 

Cosigned Loans

Cosigned loans have a cosigner involved with the process, which means that a second person, one with good credit and reliable income, will be responsible for repaying the loan if you (the primary borrower) cannot do so. 

These can be a great option for building credit because it may mean access to funding opportunities that you may not be able to get on your own, which can help build your credit profile. 

With a cosigner, the lender will factor in the cosigner’s credit and income along with the primary borrower’s, which can increase chances of approval and loan amount significantly. Any action, including an on-time payment, is reported to credit bureaus and can help boost your score. Along with that, a new loan can add to your credit portfolio, further improving your 500 score. 

Prequalifying for a 500 Credit Score Loan

Some personal loan lenders offer prequalification decisions so you know if you qualify for approval. They will run a soft credit check, which does not impact your credit score. If you prequalify for favorable loan terms, you could fill out the loan application.

Loan Types For 500 Credit Scores: Pros and Cons

Here are some pros and cons of different loan types for a 500 credit score. In the last column, you’ll learn a little more about CreditNinja’s installment loans:

Loan TypeProsConsCreditNinja Advantage
Payday Loans– Fast access to cash- No credit check typically required– Extremely high interest rates- Due in full by next payday- Can lead to debt cycle– Offers installment loans with manageable repayment schedules and transparent terms.
Pawnshop Loans– No credit check- Quick cash using collateral– Must surrender a valuable item- Risk of losing the item if not repaid- Low loan amounts– No need to pawn personal belongings.
Auto Title Loans– Fast approval- Keep driving your car during repayment– High interest rates- Risk of losing your car- Often short-term– No vehicle collateral required
PALs (Payday Alternative Loans)– Offered by credit unions- Capped interest rates- Regulated and safer than payday loans– Must be a credit union member- May require account history– Available online to a broader audience without requiring credit union membership.
CBLs (Credit Builder Loans)– Helps build credit- Savings at end – No immediate access to funds- May require upfront payments– Provides traditional loans that also build credit, with immediate access to cash.
Cosigned Loans– Better terms with a cosigner- Can help a borrower qualify– Risk to cosigner’s credit- Strains relationships if a borrower defaults– No cosigner required for many CreditNinja loans; evaluates borrower’s financial picture individually.

How You Can Improve Your Loan Approval Odds

The best subprime borrower strategy is to show proof that you’re financially responsible. If you have valid insurance, proof of income, or a low DTI (debt-to-income ratio), you can provide a recent bank-issued debit card or bank statements. Lenders may overlook a bad score if you show you’re capable of repaying on time. You can also consider applying with a cosigner or using collateral to get a secured loan, although these options are risky.      

Prequalifying for a 500 Credit Score Loan

Some personal loan lenders offer prequalification decisions so you know if you qualify for approval. They will run a soft credit check, which does not impact your credit score. If you prequalify for favorable loan terms, you could fill out the loan application.

How To Rebuild Your Credit

Here are a few ways you can rebuild financial health: 

  • Pay Bills on Time — Your payment history is the most important factor that affects credit. Paying bills on time can increase your credit over time. 
  • Reducing Credit Utilization — Reducing your credit card debt can help boost your score. 
  • Monitoring Credit Reports — Monitor your reports from all three credit bureaus annually. Check for mistakes or incorrect information and file disputes if necessary. 
  • Using a Secured Credit Card — Secured credit cards and credit builder loans can help you grow your savings and rebuild your credit if you manage your card responsibly. 
  • Limit New Credit Applications — Applying for new credit cards or loans can hurt your credit. Only apply for new accounts if there’s an emergency.

Why Choose CreditNinja for Your 500 Credit Score Personal Loan

CreditNinja provides a fast and flexible loan option for borrowers, even if they don’t have the most responsible credit history! You can expect benefits like speed, convenience, and flexibility even with a low credit score. Approved borrowers could get their money through direct deposit the same day!*

Easy to Apply

Easy To Apply

You can apply in just a few steps online.

Same-Day Funding

Same-Day Funding

Once approved, you could have the funds as soon as the same-day.*

Low Credit Support

Low Credit Support

Even with low credit, you may be able to get funding from a CreditNinja loan.

Direct Deposit

Direct Deposit

Once approved, the funds can be sent straight to your bank account.

Find out if You Qualify Fast

Find Out if you Qualify Fast

You’ll find out really quickly whether you are approved, so you can weigh your options!

Get Your Money Quickly

Get Your Money Quickly

From the application to the funding process, we offer a fast process.

How Do CreditNinja Loans Work?

Thinking about CreditNinja for your bad credit loan option?  With a CreditNinja loan, once approved, you’ll get a lump sum, which you will repay in steady monthly payments, until the loan is repaid in full. CreditNinja bad credit loans are simple and fast, you can complete the entire process online. Once you sign for your loan, you may be able to get the funds on the same day!* 

The approval process is also fast and flexible. Instead of completely focusing on credit, we’ll pay closer attention to your income and ability to repay the loan, which thanks to bank verification can be done quickly. Emergency loan amounts go up to $5,000, depending largely on those factors. 

While there is a credit check, bad credit is okay, in fact our emergency loans are designed with low credit borrowers in mind. CreditNinja loans are safer than most no credit check loans because we offer more time for repayment and have no hidden or unexpected fees attached.

Apply Online Easily

Apply Online Fast & Easy

Apply online by heading to our website via your phone, tablet, or computer, and fill out our safe online application.

Income Verification

Income Verification

The next step is income verification which is done through instant bank verification—we ensure your information is safe!

Same-Day Availability

Same-Day Availability

Once approved, funds can be deposited directly into your bank account, sometimes as soon as the same day!*


What CreditNinja Loan Customers are Saying

Here are some experiences from our past customers with our personal loans:

“I was amazed at how fast CreditNinja works! Thank you for helping me get this loan approved! I will definitely recommend this site to any of my friends should they need a personal loan.”
– Eva Barnum
“Ease of use, especially after you have become a customer. I did everything on my phone. Signing in was a breeze, verifying answers to the questions was also straightforward. If everything goes smoothly, it takes less than 10 minutes from application to approval.”
Tom A.
“The process was quick and easy. Also the payment was low and easy to pay, and they gave you all the information up front, no hidden details.”
Rhonda Potter

Loans for 500 Credit Score FAQs

What is an emergency loan and what can I use it for?

An emergency loan provides short-term financing for car repairs, debt consolidation, and unexpected monthly expenses. However, they are not intended for postsecondary educational expenses, or any business or commercial purpose. Emergency loans generally provide a few hundred dollars, but you may have to compare options to find the most favorable loan terms.

Can I get a personal loan with a 500 credit score?

While some lenders have a minimum credit score requirement, there are options for a personal loan with a 500 credit score. CreditNinja’s personal loans are a good place to start. We offer convenience, speed, and flexibility, all with our online process. 

What is the easiest loan to get with bad credit?

The easiest bad credit loans to get are usually payday loans, bad credit personal loans, or secured installment loans. CreditNinja recommends that you stay away from some of these options. Loans like personal loans have less risk compared to options like payday loans.

Can you pay off a personal loan early?

Some lenders (for both unsecured and secured personal loan options) will have a penalty for early repayment, while others do not. When working with CreditNinja borrowers can repay their loan as early as they would like without any penalties or fees.

What is the maximum loan amount I can get with a 500 credit score?

The maximum amount you can get will depend largely on factors like your ability to make monthly payments, debt-to-income ratio, and of course your income. It will also depend on the lender and loan type you choose. While some lenders only offer a few hundred dollars to bad credit borrowers, CreditNinja offers up to $5,000.

How can I borrow money immediately?

You can borrow money immediately, usually through online lenders, as they work faster than brick-and-mortar institutions. CreditNinja is a great place to start, we offer same-day funding!*

Still Have Questions? Contact CreditNinja Today

From home repairs to bills and rent, emergency loans can help you navigate difficult situations—even with a 500 FICO Score. Whether you’re looking for an example loan, want more details about loan closing, or have concerns about origination fees, we’re here to help. 

Call us today at 855-NINJA-01 (855-646-5201) to get started.  

Quick And Easy Personal Loans Up To $2500*